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FIBA-CISL is collecting signatures in support of its proposal for a law by popular initiative to set a maximum limit for wage and bonuses of listed companies’ top managers!

A Bill from FIBA-CISL, in the name of Justice and Fairness!

The recent global economic and financial crisis has proved evidence that high levels of Top Managers’ remuneration encourage excessive risk taking.

Recent legislation in Italy has limited public Top Managers’ overall pay to a maximum of 294000€.

The same limit should be extended to the private sector as for the fixed part of remuneration.

Further, according to the new European provisions on the matter, variable pay (linked to company’s annual results) shouldn’t consequently exceed the same cap of 294000€

At the end, Top Managers’ annual overall pay could be a maximum of 588000€.

Further provisions are:

1. - Abrogation of bonuses at the termination of the contract and any other kind of allowances, anticipated remuneration, bonuses for acquisitions or sales, consultancy contracts for companies within the group
2. - The final pay at the end of the contract is calculated on the base of its length and in proportion of the maximum limit of the annual fixed remuneration.
3. - Sanctions in case of law breaches are equivalent to three years of remuneration
4. - Companies are obliged to cover their top managers with insurance against patrimonial consequences arising from penal and civil risks.
5. - Amount and structure of remuneration to be approved by shareholders’ annual meeting.

Up to now, more than 70000 persons have already signed in support of FIBA-CISL draft proposal!

You can give worldwide support to the Campaign and send a message of solidarity/support to FIBA-CISL:http://anagrafica.fiba.it/questionario.nsf/ENcheckup?openform